Clearwater International advises MAW – Men at WORK SpA on the aggregation of InJob SpA

Clearwater International has advised MAW – Men at Work SpA (MAW), an Italian human resources company, on the acquisition of InJob SpA (InJob), a global recruitment agency also based in Italy.

Founded in 2001, InJob is an international recruitment company based in Verona. The company completed 2020 with a turnover of more than €50m and employs 2,000 professionals operating in 20 branches across Italy. It stands out among recruitment agencies thanks to its strong focus on the professional segment, being able to find qualified personnel in the most recognised “Made in Italy” sectors and brands. Its skills will allow InJob to successfully integrate with the new group while keeping its operational independence.

MAW is one of the most dynamic Italian staffing agencies that has been growing continuously since its establishment in 1998. With 70 branches across eight Italian regions, following the investment from ProA Capital de Inversiones, a Spanish investment fund, the company started an ambitious plan to boost its growth both organically and via M&A, reaching a turnover of €270m in 2020. During the first half of 2021, it recorded a YoY growth of more than 50%, accomplishing its goal to reach €360m turnover by year-end, for a CAGR since 2010 of almost 19% per year, compared to a market average for staffing agency of 10% since 2015.

Led by Federico Vione, MAW invested in InJob to join their competencies, in order to create a group able to provide a comprehensive offer of HR solutions, from headhunting to consulting, from middle management to staffing.

InJob will keep its brand and identity to better leverage its complementary offering with MAW. Carlo De Paoli, founder of InJob, will maintain a 15% stake in the company and will be chairman and managing director, supported by Enrica Ronchi, former global account director of Adecco Group.